Pending Home Sales Second Highest in 10 Years; Rates Remain Exceptionally Flat

Despite some predictions that pending home sales would fall in July, they actually rose modestly to reach their second highest level in over a decade. The National Association of Realtors® reported that its Pending Home Sales Index (PHSI) was up 1.3 percent to 111.3 from a downwardly revised (from 111.0) 109.9 in June and was up 1.4 percent compared to July 2015. The index had reached its highest level since February 2006 this past April when it hit 115.0. The July index was second only to that number. NAR pronounced the increase in purchase contracts as broad-based ; only the Midwest failed to improve on its June numbers. Analysts surveyed by Econoday had projected the index could be in the range of a 1.8 percent decline to a 1.4 percent gain. The consensus was a positive move of 0.6 percent

from
http://redirect.viglink.com?u=http%3A%2F%2Fwww.mortgagenewsdaily.com%2Freports%2Fnewsletter%2F2016%2F8%2F31%2F2375&key=ddaed8f51db7bb1330a6f6de768a69b8

Average Fixer-Upper Home Lists for 8 Percent Discount; Buyers Save Only $11,000 For Renovations

Fixer-uppers in Bay Area and Seattle save buyers the most upfront cash for renovations; Phoenix and Miami fixer-uppers list for lowest cash discount

from
http://redirect.viglink.com?u=http%3A%2F%2Fredirect.viglink.com%2F%3Fu%3Dhttp%253A%252F%252Fredirect.viglink.com%252F%253Fu%253Dhttp%25253A%25252F%25252Fzillow.mediaroom.com%25252F2016-08-31-Average-Fixer-Upper-Home-Lists-for-8-Percent-Discount-Buyers-Save-Only-11-000-For-Renovations%2526key%253Dddaed8f51db7bb1330a6f6de768a69b8%26key%3Dddaed8f51db7bb1330a6f6de768a69b8&key=ddaed8f51db7bb1330a6f6de768a69b8

Mortgage Bank Profits Double; Price Gains Moderate, Some Metros Shine; Rate Range Considerations

Mortgage originators surveyed by the Mortgage Bankers Association (MBA) saw production profits more than double in the second quarter compared to what had been a dismal Quarter One. Independent mortgage banks and mortgage subsidiaries of chartered banks told MBA they had averaged a net gain of $1,686 on each loan originated during the quarter, up from $825 per loan during the previous period. Marina Walsh, MBA Vice President of Industry Analysis, commented in the company's Quarterly Mortgage Bankers Performance Report that "Production profits more than doubled in the second quarter of 2016, as production volume rose and expenses dropped to a level not seen since the third quarter of 2015. Mortgage lenders also benefited from higher loan balances that reached a series-high of $245,394 and drove

from
http://redirect.viglink.com?u=http%3A%2F%2Fwww.mortgagenewsdaily.com%2Freports%2Fnewsletter%2F2016%2F8%2F30%2F2373&key=ddaed8f51db7bb1330a6f6de768a69b8

Rates Battle Back From Recent Highs; Non-Conventional Financing in New Home Market

Mortgage Rates were briefly at their highest levels in several weeks on Friday afternoon. This followed comments from the Fed's Jackson Hole symposium. Markets interpreted those comments as the Fed being more likely to hike rates in 2016--possibly even twice! While mortgage rates are based on MBS (mortgage-backed-securities), as opposed to the Fed Funds Rate (the thing the Fed is talking about hiking), if investors think the Fed is more likely to hike, MBS tend to lose some ground. Friday was made all the more "spooky" by the fact that much of the drama was transpiring in the afternoon on a summertime Friday. That may not sound too spooky , but for investors who are used to having lots of other investors to trade/buy/sell with, the comparative ghost town of a summertime Friday afternoon can

from
http://redirect.viglink.com?u=http%3A%2F%2Fwww.mortgagenewsdaily.com%2Freports%2Fnewsletter%2F2016%2F8%2F29%2F2371&key=ddaed8f51db7bb1330a6f6de768a69b8

Subway Tile Makes a Comeback in Kitchens, Baths

Photo credit: Karen Eubank, Eubank Staging & Design

By Melissa Dittmann Tracey, REALTOR® Magazine

Glassy subway tile is nothing new, but it’s coming back stronger in kitchens and bathroom remodels in whites or bolder geometric patterns.

“It’s classic, and a classic always remains,” says Karen Eubank, an interior designer with Eubank Staging & Design in Dallas. Richard Hoey, president and CEO of Active Renter, a property management company that renovates single-family homes, says he’s noticing a change from simple, white subway tile to the use of more eccentric geometric shapes, such as in the kitchen where the rest of the space has a minimalist design.

“The juxtaposition between the overall simplicity of the room and the energy of the tiles really makes them stand out as a centerpiece,” Hoey says.

Photo by Wettling Architects – Look for beach style bathroom design inspiration

Photo by Rebekah Zaveloff | KitchenLab – Browse traditional kitchen photos

Photo by Fiorella Design – Browse traditional kitchen photos

from
http://redirect.viglink.com?u=http%3A%2F%2Fredirect.viglink.com%2F%3Fu%3Dhttp%253A%252F%252Fredirect.viglink.com%252F%253Fu%253Dhttp%25253A%25252F%25252Ffeedproxy.google.com%25252F%7Er%25252FStyledStagedSold%25252F%7E3%25252FnCjzGnq808I%25252F%2526key%253Dddaed8f51db7bb1330a6f6de768a69b8%26key%3Dddaed8f51db7bb1330a6f6de768a69b8&key=ddaed8f51db7bb1330a6f6de768a69b8

PMI Insurers Winning FHA Smackdown; Rates Higher After Fed Speakers

Among the charts and tests summarizing most of the housing finance news that emerged during July, the latest issue of the Urban Institute's (UI's) Housing Finance Chartbook contained a few unique visualizations. First, loans featuring coverage by private market insurers (PMI) surpassed the market share of loans insured by FHA for the first time in two years. This switch is apparently due to the April adjustment of PMI premiums, which dropped the cost for low risk borrowers and raised them for those with a higher credit risk profile. There has probably also been some impact on the distribution from some larger lenders who have focused on marketing the lower down payment opportunities offered through new GSE products. Whatever the reasons, the PMI industry's share of originations increased from

from
http://redirect.viglink.com?u=http%3A%2F%2Fwww.mortgagenewsdaily.com%2Freports%2Fnewsletter%2F2016%2F8%2F26%2F2367&key=ddaed8f51db7bb1330a6f6de768a69b8

Your Real Estate Dream Team - Show 394

Real Estate Today Radio - SHOW 394

On this week's Real Estate Today, it's our special show "Your Real Estate Dream Team."

This Week's Show Includes:
- Top News Of The Week
- No Respect
- You
- Ask The Millennial
- Smart Home Technology
- Get REALTOR(R)

Become a part of the community at http://retradio.com!

from
http://redirect.viglink.com?u=http%3A%2F%2Fredirect.viglink.com%2F%3Fu%3Dhttp%253A%252F%252Fredirect.viglink.com%252F%253Fu%253Dhttp%25253A%25252F%25252Fretradio.com%25252F%2526key%253Dddaed8f51db7bb1330a6f6de768a69b8%26key%3Dddaed8f51db7bb1330a6f6de768a69b8&key=ddaed8f51db7bb1330a6f6de768a69b8